Spectator on facebook

Spectator on facebook

CORPORATE BRIEFS

Slovak Rail ends first half with 2 billion crown loss

Železnice Slovenskej Republiky (ŽSR-Slovak Rail) reported on August 5 that it had ended the first half of the year with losses of 2.04 billion crowns ($49 million), an 847 million crown improvement over the same period last year and 33 million crowns less than called for in ŽSR's business plan for 1999.

Costs remained almost unchanged, up 0.6% from 1H98 at 11.4 billion crowns. Revenues increased 10.9% to 9.4 billion crowns, largely a result of ŽSR's having moved into the revenue category 1.02 billion crowns that had been created in reserves against financial costs.

Sales from passenger and freight transport accounted for 68.5% of total revenues, while state subsidies made up 11.8% of ŽSR's income. Wages were the firm's highest cost (41.8% of the total).

External indebtedness swelled 1.6 billion crowns to 32.5 billion from the beginning of the year, although some progress was made in restructuring the company's debt portfolio; in late June, long-term loans accounted for 51.7% of ŽSR's total loans and debts.

ŽSR signed a contract with the European Investment Bank on the provision of a 200 million EUR loan in late July.

Top stories

Coalition only agrees on how to talk. But what will they talk about?

Budget talks to decide on concrete policies. Danko wants airplanes, Fico wants better pay for nights and weekends.

Danko, Fico, Bugar.

Cloud computing becomes a standard

External servers are now much more secure than local business ones, according to experts.

Slovak firms have their eyes on the cloud.

Slovaks drink less and less

Behind the decline in alcohol consumption is, for example, the abandoning of the habit of drinking at work – typical especially during communism, according to an expert.

Kiska: Even Europe has its aggressive neighbour

President Andrej Kiska addressed UN commenting poverty, instability and climate change.

President Andrej Kiska